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GRAINS

March Corn closed up 3 1/4-cents at 3.81.

March corn closed higher on Friday following today's announcement that phase one of the of the U.S. - China trade agreement has been accepted by both sides. The mid-range close sets the stage for a steady to higher opening when Monday's night sessions begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above last-Tuesday's high crossing at 3.84 3/4 are needed confirm that a short-term low has been posted. If March renews the decline off October's low, September's low crossing at 3.65 3/4 is the next downside target. First resistance is last-Tuesday's high crossing at 3.84 3/4. Second resistance is the 50-day moving average crossing at 3.89. First support is Wednesday's low crossing at 3.71. Second support is September's low crossing at 3.65 3/4.

March wheat closed up 2 3/4-cents at 5.33.

March wheat closed higher on Friday on news that phase on of the U.S./ China trade agreement has been accepted. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off September's low, the 87% retracement level of the June-September-decline crossing at 5.58 1/2 is the next upside target. Closes below Thursday's low crossing at 5.16 1/4 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the June-September-decline crossing at 5.44 1/4. Second resistance is the 87% retracement level of the June-September-decline crossing at 5.58 1/4. First support is Thursday's low crossing at 5.16 1/4. Second support is November's low crossing at 5.01 3/4.

March Kansas City Wheat closed unchanged at 4.42 3/4.

March Kansas City wheat closed unchanged on Friday while extending the August-December trading range. The mid-range close sets the stage for a steady opening when Monday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, the 38% retracement level of the June-September-decline crossing at 4.53 1/4 is the next upside target. Closes below November's low crossing at 4.23 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-September-decline crossing at 4.53 1/4. Second resistance is the 50% retracement level of the June-September-decline crossing at 4.70 3/4. First support is November's low crossing at 4.23. Second support is October's low crossing at 4.13 1/2.

March Minneapolis wheat closed up 2 3/4-cents at 5.25 3/4.

March Minneapolis wheat closed higher on Friday as it extends the rally off November's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, the 50-day moving average crossing at 5.34 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.14 3/4 would confirm that a short-term top has been posted. First resistance is today's high crossing at 5.32 1/2. Second resistance is the 50-day moving average crossing at 5.341/2. First support is November's low crossing at 5.06. Second support is September's low crossing at 5.00 1/4.

SOYBEAN COMPLEX? 

January soybeans closed up 8 1/2-cents at 9.06 3/4.

January soybeans closed higher on Friday following news of a tentative trade agreement with China. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off this month's low, the 50-day moving average crossing at 9.19 is the next upside target. Closes below the 10-day moving average crossing at 8.89 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9.17. Second resistance is the 50-day moving average crossing at 9.19. First support is Thursday's low crossing at 8.88 1/4. Second support is September's low crossing at 8.65.

January soybean meal closed up $2.50 at 296.70.

January soybean meal closed higher on Friday. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If January renews the decline off October's high, weekly support crossing at 288.30 is the next downside target. Closes above the 50-day moving average crossing at 304.00 are needed to confirm that a short-term low has been posted. First resistance is last-Friday's high crossing at 303.90. Second resistance is the 50-day moving average crossing at 304.00. First support is last-Monday's low crossing at 292.60. Second support is weekly support crossing at 288.30.

January soybean oil closed up 38-pts. at 32.61.

January soybean oil closed higher on Friday as it extends the rally off July's low. The mid-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends this month's rally, May's high crossing at 34.34 is the next upside target. First resistance is today's high crossing at 32.95. Second resistance is May's high crossing at 34.34. First support is 50-day moving average crossing at 30.96. Second support is December's low crossing at 30.11.